The Petroleum Daily Report from PFL Petroleum Services LLC provides daily settlement prices for key petroleum commodities, including crude oil (Brent and WTI), natural gas, RBOB gasoline, ULSD, propane, and butane. Each report includes expert market commentary highlighting the key factors and events influencing commodity prices.
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Oil prices were lower today as global supplies have been mostly unaffected by worries of a wider Middle East crisis. “I think there is a growing realization that we haven’t seen any real supply disruption. The market is refocusing itself away from geopolitical issues, and looking at global demand for crude,” said Dennis Kissler, senior […]
Oil prices rose today as investors worried that the conflict in the Middle East could widen. U.S. crude stocks decreased by 3.4MM/bbls last week, more than triple the 1.1MM/bbl decline analysts had expected in a Reuters poll. This is the fifth straight week that inventories declined. “Robust exports have helped to offset lower refining activity […]
Oil prices were lower today falling to seven week lows as investors worried that demand from China. Market participants have been talking for days about a possible ceasefire deal in Gaza that could reduce the geopolitical risk premium for crude prices. A ceasefire deal with Hamas has “the potential to (remove) $4 to $7 (a […]
Oil prices were lower today trading down as fears of tensions in the Middle East may have been overblown. “It seems like the market has come around to the idea that – even as horrific as these episodes are – they are not likely to cause a region-wide conflict,” said John Kilduff, partner at Again […]
Oil prices were lower today finishing the week lower on declining Chinese demand. Data released last week showing that China’s total fuel oil imports, opens new tab dropped 11% in the first half of 2024 have raised concern about the wider demand outlook in China. “Yesterday’s better-than-expected U.S. GDP growth figures initially supported the crude […]
Oil prices were higher today on stronger than expected US economic data. The Commerce Department showed the US economy growing faster than expected in the 2nd quarter while inflation eased – boosting expectations for a Fed rate cut in September. “The U.S. GDP data implied the economy is humming along in a pretty nice rate,” […]
Oil prices were higher today supported by large declines in US crude and fuel inventories. Prices snapped a three day losing streak also buoyed in part by Canadian wildfires out west and potential supply risks. US crude inventories fell by 3.7MM/bbls compares to a forecasted draw of only 1.6MM/bbls. Gasoline stocks dropped by 5.6MM/bbls (vs […]
Oil prices were lower again today falling to six-week lows pushing both benchmarks into technically oversold territory. Diesel futures also settled to their lowest in six weeks with gasoline futures closing at their lowest in five weeks. “Ceasefire negotiations in the Middle East and an uncertain macroeconomic outlook in China are exerting downward pressure on […]
Oil prices are lower today as investors looked past Bidens presidential exit and focused on weaker demand and increased stockpiles. For now Kamala Harris looks to be the likely nominee. Energy policy will likely be a core debating point between Harris and Trump, but Citi analysts believe neither will promote policies that have an extreme […]
Oil prices dropped significantly on Friday, reaching their lowest levels since mid-June, as investors considered a potential ceasefire in Gaza and a stronger U.S. dollar. Brent crude fell by $2.48, or 2.9%, to $82.63 per barrel, while U.S. West Texas Intermediate crude decreased by $2.69, or 3.3%, to $80.13 per barrel. U.S. Secretary of State […]